20 & 20.5 Charles St · Cortland, NY 13045

$249,000

4 bd · 2.0 ba · 2,576 sqft · MultiFamily public records · 31 Days on market

Built 1900 5,662 sqft lot Est $183k · 36% over

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Located in the City of Cortland, this investment property features two separate buildings with a total of six apartments and 15 bedrooms, offering strong income potential for the right buyer. With a desirable multi-unit setup and ample rental capacity, the property presents an excellent opportunity for investors looking to expand their portfolio or take on a value-add project. Conveniently situated close to downtown Cortland, local shops, and restaurants, this property has the potential to become a solid long-term investment with improvements and modernization.

Key facts

• Multi-unit setup
• Six apartments
• 5,662 sq ft lot

Tags

• TWO SEPARATE BUILDINGS
• SIX APARTMENTS
• STRONG INCOME POTENTIAL
• MULTI-UNIT SETUP
• AMPLE RENTAL CAPACITY
• CLOSE TO DOWNTOWN CORTLAND

Property features AI

Finance

• Other: Six-unit property with separate electric meters for each unit and four separate gas meters
• Financial info: Owner pays water; Rent includes water; Operating expenses include maintenance and water/sewer

Exterior

• Parking: Three or more parking spaces; No garage
• Utilities: Cable available; High-speed internet available; Public water connected; Sewer connected; Circuit breaker electrical service
• Home design: 2-story building; Existing construction
• Construction: Wood siding; Asphalt roof
• Exterior features: Blacktop driveway; Rectangular residential lot (48 x 118)

Interior

• Kitchen: Electric oven; Electric range; Gas oven; Gas range; Refrigerator
• Bedrooms: Has basement (full basement)
• Flooring: Hardwood; Varies
• Heating & cooling: Heating: Electric and Gas; Baseboard heating; Forced air
• Interior features: Ceiling fans
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $249k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.4% vs local median 6.2% in Cortland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $7,658/mo this rent would consume 131% of the median local household income ($70k/yr) (locally 1488% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $96k; list at $249k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.08% ✓
• Cap rate: 25.37%
• Cash-on-cash: 68.13%
• DSCR: 4.03
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $182,896
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 E Main St	0.26mi	4/2.0	2,872 (+12%)	5mo	$230,000	$80	65
93 Elm St	0.54mi	5/2.0 (+1)	2,530 (-2%)	7mo	$165,000	$65	61
10 Garfield St #10	0.43mi	5/2.0 (+1)	2,368 (-8%)	9mo	$185,000	$78	54
70 Elm St	0.42mi	4/2.0	2,458 (-5%)	23mo	$175,000	$71	54
30 Grant St	0.20mi	3/3.0 (-1)	2,196 (-15%)	9mo	$207,000	$94	50
4 Pearne Ave	0.27mi	4/3.0	2,222 (-14%)	14mo	$143,100	$64	49
6 Greenbush St	0.20mi	4/4.0	2,863 (+11%)	19mo	$156,000	$54	49
16 Woodruff St	0.55mi	4/2.0	2,276 (-12%)	18mo	$94,000	$41	40
137 Groton Ave	0.66mi	5/2.0 (+1)	2,346 (-9%)	11mo	$210,000	$90	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 73.5%
• Equity multiple: 4.62×
• Total profit: $252,580
• Equity at exit: $37,127

10-year hold

• IRR: 78.9%
• Equity multiple: 11.47×
• Total profit: $730,173
• Equity at exit: $21,529

Cash invested: $69,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $7,658 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$682 /mo · $8,182/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,608
• Net cashflow: $3,958

Break-even live

Break-even rent $2,647

Max offer price $249,000

Occupancy floor 43%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	2.5	1	$7,656
Total (6 units)			$7,658

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	43d	1	0.38mi

Listing history 18 events

1. 2026-06-19
   days on market $249,000 Active 31 DOM
2. 2026-06-18
   days on market $249,000 Active 30 DOM
3. 2026-06-17
   days on market $249,000 Active 29 DOM
4. 2026-06-16
   days on market $249,000 Active 28 DOM
5. 2026-06-15
   days on market $249,000 Active 27 DOM
6. 2026-06-14
   days on market $249,000 Active 25 DOM
7. 2026-06-12
   days on market $249,000 Active 24 DOM
8. 2026-06-09
   days on market $249,000 Active 21 DOM
9. 2026-06-08
   days on market $249,000 Active 20 DOM
10. 2026-06-07
    days on market $249,000 Active 19 DOM
11. 2026-06-05
    days on market $249,000 Active 16 DOM
12. 2026-06-03
    days on market $249,000 Active 15 DOM
13. 2026-06-02
    days on market $249,000 Active 14 DOM
14. 2026-06-01
    days on market $249,000 Active 13 DOM
15. 2026-05-31
    days on market $249,000 Active 12 DOM
16. 2026-05-30
    days on market $249,000 Active 11 DOM
17. 2026-05-19
    listed $249,000 Active
18. 2007-07-25
    soldstatus $96,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $8,182 · $682/mo
• Projected year-2 tax: $8,182 · $682/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,896
• − Mortgage interest: −$13,948
• − Property taxes: −$8,182
• − Insurance: −$1,245
• − Repairs & maintenance: −$7,352
• − Management: −$7,352
• − Depreciation: −$7,244
• Taxable income: $46,574
• Est. tax owed @ 24.0%: −$11,178
• After-tax cash flow: $36,323/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

Amenities A- Commute F Cost of living A+ Crime C- Employment D Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

Population outlook (Cortland County) Hauer SSP2

• Today (2025): 47,543 people
• By 2030: 46,107 · -3.0%
• By 2040: 43,122 · -9.3%
• By 2050: 40,216 · -15.4%
• By 2075: 34,717 · -27.0%
• By 2100: 28,953 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Cortland

• 2024 margin: Lean R (+6.4) · D 46.8% · R 53.2%
• 2008→2024 swing: -16.4pp toward R · 2008: 10.0pp · 2024: -6.4pp
• All cycles: 2024: R+6.4 2020: R+1.9 2016: R+6.7 2012: D+8.8 2008: D+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+159.4% since first listed

2 events — show timeline

• 2026-05-19 Listed $249,000 CNYIS
• 2007-07-25 Sold (Public Records) $96,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $8,182 · +21.0% YoY. Source: county tax records.